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ApeCoin Technical Analysis: Supply on Exchanges Hits ATH, APE Price Primed for a Drastic Fall

APE Technical analysis

Key Takeaways:

Current Price $5.31
Market Cap $1.62 billion
Circulating Supply 306.87 million  
Total Supply 1 billion
Vol (24H) $251.51 million
Change (7D) -4.96%

Technical Analysis for August 2022

Apecoin price has experienced a drastic fall ever since it reached the peak close to $28 a couple of months ago. Since then the asset is maintaining a stagnant trend with depleted volatility and volume. It was speculated to regain a double-digit figure as the price action was incremental, but the latest drop hindered the rally. 

The APE price after reaching the monthly lows below $5 rebounded slightly and currently has plateaued. While the monthly close is on the cards, the drop in the volatility may deeply impact the price which could remain stuck around $5.5. In case of an inflow of liquidity, a minor rise beyond $6 or $6.2 may be expected.

Technical Analysis at a Glance

Apecoin began to trade with a bang and despite plunging hard, surged notably but fell an inch short of forming a new ATH. Since then the price has been dropping heavily, discovering new lows every new day. However, as it flipped during mid of June, it was believed that the price may now regain the $10 mark but faced rejection on its way. 

No notable price variations may be expected in the coming days, as it is constantly failing to attract liquidity onto its platform. Therefore, a consolidated trend may continue until the markets turn bullish.

Short-Term The APE coin appears primed to drop back to hit the June lows or even may record new lows shortly
Mid-Term The asset had reached the lower lows and attempted to rebound. Therefore, a notable upswing may be fast approaching
Long-Term The price appears to remain consolidated below the average levels for a longer time 

Technical Indicators & Pivot Levels

Indicator Value (STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 47.96 / 41.22 Neutral / Sell
MACD -0.05 / 0.57 Sell / Buy
Average Directional Index(ADX) 25.24 / 30.19 Sell / Sell
Ultimate Oscillator 44.13 / 49.80 Sell / Neutral
Bull-Bear Power 0.014 / -2.46 Buy / Sell

Pivot Levels

Moving Average Short Term Long Term
MA 5 $5.3414 $6.1766
MA 10 $5.3444 $5.6389
MA 20 $5.2453 $7.7278
MA 50 $5.5241 $4.0701
MA 100 $6.2816 $2.0351
MA 200 $6.2957 $1.0175

The bears have completely dominated the rally and hence the asset appears primed to plunge hard in the coming days. While most of the indicators are bearish, the strength of the rally is also collapsing. Hence these factors may drag the price below $5 again and compel it to hover around these ranges for an extended period. 

However, in the long-term, one can expect a significant jump as MACD is somewhat bullish and hence a rebound may also follow the plunge later. 

ON CHAIN METRICS Analysis

Source: Santiment

Source: Santiment

Source: Santiment

Apecoin (APE) Technical Analysis for Short Term

Source: Tradingview

Apecoin (APE) Technical Analysis for Long-Term

Source: Tradingview

Additional Read: What Is ApeCoin?

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